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- Why can an economy not achieve multiple economic goals simultaneously?Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.WHY IS ECONOMICS RELEVANT VERSUS IMPORTANT?
- Why should the economic decision be based on the objective of making the best use of limited resources?“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?you must make decision for one choice, could you discuss what economic principles or concepts that you will use for that choice?